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Flashcards — Multiple Choice

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Essay Multiple Choice

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All Jurisprudence based

0 tracked cards Commercial and Taxation Laws

An otherwise eligible owner has unpaid pre-effectivity RPT principal plus penalties, surcharge and interest. Within the RA12001 statutory amnesty window, the owner elects the authorized installment method and satisfies all conditions; none of the exclusions applies. The owner demands cancellation of principal merely because amnesty applies. Which is correct?

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Amnesty automatically extinguishes all principal The amnesty covers penalties, surcharges and interest; the delinquent principal must still be paid under the authorized method Installment payment is categorically forbidden Only taxpayers who refuse all payment qualify The amnesty makes every future year permanently tax-free

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